Curiouser and curiouser as bounced cheques push Abraaj affair to scandal status | Arab News:
When does an “affair” become a “scandal”? Usually when the forces of law and order get involved, and that is why the four-month-old Abraaj “affair” is now veering toward “scandal” status. Until now, there has been no suggestion of criminal wrongdoing in the precipitous decline of Abraaj, once the leading lights of emerging markets investment and a flag-bearer for the UAE financial industry, but now increasingly seen as a value-destructive embarrassment for Dubai. But writing a cheque without sufficient funds in the bank is a criminal offense in the UAE, and it appears that was what Arif Naqvi, founder and chief executive of Abraaj, did toward the end of February, to the tune of $48.2m in at least one cheque.
Tuesday, 26 June 2018
Doha Bank showcases Qatar’s economic resilience in Geneva - The Peninsula Qatar
Doha Bank showcases Qatar’s economic resilience in Geneva - The Peninsula Qatar:
Doha Bank CEO, Dr R Seetharaman, participated in the commencement ceremonies of EU Business School in Geneva, Switzerland and Munich, Germany, recently and showcased Qatar’s sustainability one year after the blockade, and also highlighted Qatar’s economic resilience and strong macroeconomic fundamentals that helped weather the impact of the unjust siege. He also did a workshop on June 14, 2018 in Geneva for EU Business School Students. In the workshop, Dr Seetharaman gave insight on Qatar economy and Banking System. He said: “According to recent IMF Outlook, Qatar’s gross domestic product (GDP) is set to grow 2.6 percent this year. Qatar will raise LNG production by 30 percent to 100mtpa within five to seven years after lifting a moratorium on gas development earlier in 2017.
Doha Bank CEO, Dr R Seetharaman, participated in the commencement ceremonies of EU Business School in Geneva, Switzerland and Munich, Germany, recently and showcased Qatar’s sustainability one year after the blockade, and also highlighted Qatar’s economic resilience and strong macroeconomic fundamentals that helped weather the impact of the unjust siege. He also did a workshop on June 14, 2018 in Geneva for EU Business School Students. In the workshop, Dr Seetharaman gave insight on Qatar economy and Banking System. He said: “According to recent IMF Outlook, Qatar’s gross domestic product (GDP) is set to grow 2.6 percent this year. Qatar will raise LNG production by 30 percent to 100mtpa within five to seven years after lifting a moratorium on gas development earlier in 2017.
Abraaj Founder Naqvi Faces Criminal Case Over Bounced Check - Bloomberg
Abraaj Founder Naqvi Faces Criminal Case Over Bounced Check - Bloomberg:
Arif Naqvi, the founder of Abraaj Group that has been roiled by allegations of misused investor money, faces a criminal case in the United Arab Emirates for issuing a check without sufficient funds. A complaint against Naqvi and another Abraaj director, Muhammed Rafique Lakhani, was filed in Sharjah over a bounced check, according to a court document seen by Bloomberg. Checks were issued as a security on a loan of about $200 million to Abraaj and $100 million to Naqvi by the U.A.E.-based Jafar family, according to Habib Al Mulla, executive chairman of Baker McKenzie Habib Al Mulla, who is representing Naqvi. The U.A.E. treats bounced checks as a criminal offense. A hearing is scheduled for Thursday. The Financial Times previously reported the criminal case.
Arif Naqvi, the founder of Abraaj Group that has been roiled by allegations of misused investor money, faces a criminal case in the United Arab Emirates for issuing a check without sufficient funds. A complaint against Naqvi and another Abraaj director, Muhammed Rafique Lakhani, was filed in Sharjah over a bounced check, according to a court document seen by Bloomberg. Checks were issued as a security on a loan of about $200 million to Abraaj and $100 million to Naqvi by the U.A.E.-based Jafar family, according to Habib Al Mulla, executive chairman of Baker McKenzie Habib Al Mulla, who is representing Naqvi. The U.A.E. treats bounced checks as a criminal offense. A hearing is scheduled for Thursday. The Financial Times previously reported the criminal case.
Saudi Stocks Are the Most Expensive Versus Dubai in 7 Years - Bloomberg
Saudi Stocks Are the Most Expensive Versus Dubai in 7 Years - Bloomberg:
The valuation gap between stocks in Saudi Arabia and Dubai has expanded to the widest since 2011.
Saudi shares have traded at a premium compared to those in Dubai most part of the time in the past seven years, but the gap has widened in 2018 as bets that the kingdom would be included in emerging-market benchmarks by MSCI Inc. and FTSE Russell fueled a rally, pushing valuations higher. In Dubai, which is already part of those indexes, concerns tied to the emirate’s real estate market have been weighing on stocks.
The valuation gap between stocks in Saudi Arabia and Dubai has expanded to the widest since 2011.
Saudi shares have traded at a premium compared to those in Dubai most part of the time in the past seven years, but the gap has widened in 2018 as bets that the kingdom would be included in emerging-market benchmarks by MSCI Inc. and FTSE Russell fueled a rally, pushing valuations higher. In Dubai, which is already part of those indexes, concerns tied to the emirate’s real estate market have been weighing on stocks.
World's LNG Giant Is Pumping $20 Billion Into U.S. Oil, Gas - Bloomberg
World's LNG Giant Is Pumping $20 Billion Into U.S. Oil, Gas - Bloomberg:
Qatar Petroleum, the world’s biggest seller of liquefied natural gas, is looking to get even larger, investing $20 billion in America’s oil and gas fields at a time when rival U.S. exporters are expanding.
The investments will be made over five years, Chief Executive Officer Saad Sherida al-Kaabi said in an interview with Bloomberg News in Washington. Some of that will likely go toward lining up gas supplies for the Golden Pass LNG export project in Texas, being developed with Exxon Mobil Corp.
Al-Kaabi said Qatar will probably be announcing a deal in the U.S. “before the end of the year,” but he declined to say whether it would involve oil or gas. Qatar is also looking to invest an additional $5 billion in so-called downstream assets, such as chemicals projects, he said.
Qatar Petroleum, the world’s biggest seller of liquefied natural gas, is looking to get even larger, investing $20 billion in America’s oil and gas fields at a time when rival U.S. exporters are expanding.
The investments will be made over five years, Chief Executive Officer Saad Sherida al-Kaabi said in an interview with Bloomberg News in Washington. Some of that will likely go toward lining up gas supplies for the Golden Pass LNG export project in Texas, being developed with Exxon Mobil Corp.
Al-Kaabi said Qatar will probably be announcing a deal in the U.S. “before the end of the year,” but he declined to say whether it would involve oil or gas. Qatar is also looking to invest an additional $5 billion in so-called downstream assets, such as chemicals projects, he said.
New Saudi Arabia ETF Emerges - Bloomberg
New Saudi Arabia ETF Emerges - Bloomberg:
Saudi Arabia’s addition to indexer MSCI Inc.’s group of emerging markets starting in June 2019 is expected to lure $40 billion in foreign investment to country. Now, U.S. investment firms are looking to get in on the action. Franklin Templeton Investments, a long-time active asset manager, is seeking approval for a Saudi Arabia ETF, according to a filing with the U.S. Securities and Exchange Commission on Friday. Currently, there’s only one such fund, the iShares MSCI Saudi Arabia ETF, or KSA. It has $269 million in assets, a figure that’s ballooned by as much as 1,700 percent this year, the most among all single-country funds. This comes at a time when investors are pulling billions from broad emerging market funds and investing in single-country ETFs.
Saudi Arabia’s addition to indexer MSCI Inc.’s group of emerging markets starting in June 2019 is expected to lure $40 billion in foreign investment to country. Now, U.S. investment firms are looking to get in on the action. Franklin Templeton Investments, a long-time active asset manager, is seeking approval for a Saudi Arabia ETF, according to a filing with the U.S. Securities and Exchange Commission on Friday. Currently, there’s only one such fund, the iShares MSCI Saudi Arabia ETF, or KSA. It has $269 million in assets, a figure that’s ballooned by as much as 1,700 percent this year, the most among all single-country funds. This comes at a time when investors are pulling billions from broad emerging market funds and investing in single-country ETFs.
Saudi bourse may see a correction after MSCI decision - Al Masah Capital | ZAWYA MENA Edition
Saudi bourse may see a correction after MSCI decision - Al Masah Capital | ZAWYA MENA Edition:
Saudi Arabia’s stock market may witness a correction following global index compiler MSCI’s decision to incorporate the Kingdom into its global emerging markets index, according to an executive at a Dubai-based asset management firm. Foreign institutional investors have already been buying into the Saudi market, with trading activity analysis during the first quarter of 2018 indicating that foreign institutional investors purchased approximately $2.1 billion worth of Saudi equities, according to Akber Naqvi, managing director and head of asset management at Al Masah Capital. Saudi Arabia’s Tadawul All Share Index has been the best-performing Gulf stockmarket so far this year, posting gains of over 15 percent since the start of 2018 as investors anticipate a significant amount of fund inflows. Yet Naqvi said that there may be reversals in prices as investors seek to lock in gains.
Saudi Arabia’s stock market may witness a correction following global index compiler MSCI’s decision to incorporate the Kingdom into its global emerging markets index, according to an executive at a Dubai-based asset management firm. Foreign institutional investors have already been buying into the Saudi market, with trading activity analysis during the first quarter of 2018 indicating that foreign institutional investors purchased approximately $2.1 billion worth of Saudi equities, according to Akber Naqvi, managing director and head of asset management at Al Masah Capital. Saudi Arabia’s Tadawul All Share Index has been the best-performing Gulf stockmarket so far this year, posting gains of over 15 percent since the start of 2018 as investors anticipate a significant amount of fund inflows. Yet Naqvi said that there may be reversals in prices as investors seek to lock in gains.
WRAPUP 1-Debt jitters push Bahraini dinar to 17-year low as hedge funds sell | Reuters
WRAPUP 1-Debt jitters push Bahraini dinar to 17-year low as hedge funds sell | Reuters:
Bahrain’s dinar sank to a 17-year low against the U.S. dollar on Tuesday as hedge funds dumped Bahraini bonds because of concern about the country’s rising public debt, regional bankers said. The dinar dropped as low as 0.38261 to the dollar in the spot market. The bankers said they did not detect any concerted attack on the currency, but a plunge in Bahrain’s international bond prices in recent weeks had fuelled jitters in the foreign exchange market. The central bank, which pegs the dinar at 0.37608 and sells dollars when needed to keep its currency close to that level, said in a brief statement that it was committed to the peg and had no plans to alter the dinar’s value.
Bahrain’s dinar sank to a 17-year low against the U.S. dollar on Tuesday as hedge funds dumped Bahraini bonds because of concern about the country’s rising public debt, regional bankers said. The dinar dropped as low as 0.38261 to the dollar in the spot market. The bankers said they did not detect any concerted attack on the currency, but a plunge in Bahrain’s international bond prices in recent weeks had fuelled jitters in the foreign exchange market. The central bank, which pegs the dinar at 0.37608 and sells dollars when needed to keep its currency close to that level, said in a brief statement that it was committed to the peg and had no plans to alter the dinar’s value.
Iran says it can handle fresh sanctions amid national strike | Reuters
Iran says it can handle fresh sanctions amid national strike | Reuters:
President Hassan Rouhani promised Iranians on Tuesday the government would be able to handle the economic pressure of new U.S. sanctions amid a second day of demonstrations in protest at financial hardship and a weakening rial.
Parts of Tehran’s Grand Bazaar were on strike for the second day running, state media reported, after traders massed outside parliament on Monday to complain about a sharp fall in the value of the national currency.
Video footage posted on social media showed protesters setting fire to garbage dumpsters in Tehran streets to block riot police from attacking them. Reuters was unable to verify the authenticity of the footage.
President Hassan Rouhani promised Iranians on Tuesday the government would be able to handle the economic pressure of new U.S. sanctions amid a second day of demonstrations in protest at financial hardship and a weakening rial.
Parts of Tehran’s Grand Bazaar were on strike for the second day running, state media reported, after traders massed outside parliament on Monday to complain about a sharp fall in the value of the national currency.
Video footage posted on social media showed protesters setting fire to garbage dumpsters in Tehran streets to block riot police from attacking them. Reuters was unable to verify the authenticity of the footage.
JP Morgan consults on including Gulf states in key bond index | Reuters
JP Morgan consults on including Gulf states in key bond index | Reuters:
JP Morgan has started a consultation on including Gulf states in its widely tracked emerging market government bond indexes, although a number of issues remain sticking points.
JP Morgan’s EMBI bond index is a key performance benchmark for emerging market investors. Inclusion in the index can encourage hundreds of billions of dollars of buying of that country’s bonds, lowering its borrowing costs.
Slides produced as part of the bank’s annual index “governance consultation” first looked at various metrics for Gulf states, whose relatively high incomes don’t always fit the standard definition of an “emerging” market.
JP Morgan has started a consultation on including Gulf states in its widely tracked emerging market government bond indexes, although a number of issues remain sticking points.
JP Morgan’s EMBI bond index is a key performance benchmark for emerging market investors. Inclusion in the index can encourage hundreds of billions of dollars of buying of that country’s bonds, lowering its borrowing costs.
Slides produced as part of the bank’s annual index “governance consultation” first looked at various metrics for Gulf states, whose relatively high incomes don’t always fit the standard definition of an “emerging” market.
UAE authorities issue arrest warrant against Abraaj founder | Reuters
UAE authorities issue arrest warrant against Abraaj founder | Reuters:
Authorities in the United Arab Emirates have issued arrest warrants for the founder of private equity firm Abraaj and another executive for issuing a check without sufficient funds, according to a prosecution document seen by Reuters.
The warrants are the latest setback for the Middle East and Africa’s biggest private equity fund, which has been locked in a dispute with four investors over the use of their money in a $1 billion healthcare fund. Abraaj has denied misusing funds.
The row has shaken investor confidence in the Dubai-based firm, halted its fund raising activities and sparked debt repayment problems, forcing Abraaj to file for provisional liquidation in the Cayman Islands.
Authorities in the United Arab Emirates have issued arrest warrants for the founder of private equity firm Abraaj and another executive for issuing a check without sufficient funds, according to a prosecution document seen by Reuters.
The warrants are the latest setback for the Middle East and Africa’s biggest private equity fund, which has been locked in a dispute with four investors over the use of their money in a $1 billion healthcare fund. Abraaj has denied misusing funds.
The row has shaken investor confidence in the Dubai-based firm, halted its fund raising activities and sparked debt repayment problems, forcing Abraaj to file for provisional liquidation in the Cayman Islands.
UPDATE 1-Saudi, Kuwait and UAE to announce measures to support Bahrain's economy | Reuters
UPDATE 1-Saudi, Kuwait and UAE to announce measures to support Bahrain's economy | Reuters:
Saudi Arabia, Kuwait and the United Arab Emirates will soon announce an integrated program to support Bahrain’s economic reforms and its fiscal stability, a joint statement from the three Gulf states said on Tuesday.
Bahrain’s finances have been hit hard by a slump in oil prices in 2014. On Tuesday, Bahrain’s dinar plunged to a 17-year low against the U.S. dollar as hedge funds dumped Bahraini bonds because of concern about rising public debt.
Many bankers said expectations that Saudi Arabia and perhaps other regional allies of Bahrain would eventually provide it with additional financial support were preventing worse instability in the markets.
Saudi Arabia, Kuwait and the United Arab Emirates will soon announce an integrated program to support Bahrain’s economic reforms and its fiscal stability, a joint statement from the three Gulf states said on Tuesday.
Bahrain’s finances have been hit hard by a slump in oil prices in 2014. On Tuesday, Bahrain’s dinar plunged to a 17-year low against the U.S. dollar as hedge funds dumped Bahraini bonds because of concern about rising public debt.
Many bankers said expectations that Saudi Arabia and perhaps other regional allies of Bahrain would eventually provide it with additional financial support were preventing worse instability in the markets.
Oil surges as U.S. pushes allies to halt imports of Iranian crude | Reuters
Oil surges as U.S. pushes allies to halt imports of Iranian crude | Reuters:
Crude futures jumped over 2 percent on Tuesday and U.S. oil topped $70 for the first time in two months as Washington pushed allies to halt imports of Iranian crude, which would constrain global supplies.
The market rallied further in post-settlement trading, after the American Petroleum Institute said U.S. crude inventories fell a surprising 9.2 million barrels, far exceeding the decline of 2.6 million barrels that had been expected. [API/S]
Brent crude LCOc1 gained $1.58 to settle at $76.31 a barrel, while West Texas Intermediate crude CLc1 climbed $2.45 to settle at $70.53. In post-settlement trading, where volumes are small, Brent extended gains to $76.61 a barrel, while U.S. crude rose to $70.76 a barrel.
Crude futures jumped over 2 percent on Tuesday and U.S. oil topped $70 for the first time in two months as Washington pushed allies to halt imports of Iranian crude, which would constrain global supplies.
The market rallied further in post-settlement trading, after the American Petroleum Institute said U.S. crude inventories fell a surprising 9.2 million barrels, far exceeding the decline of 2.6 million barrels that had been expected. [API/S]
Brent crude LCOc1 gained $1.58 to settle at $76.31 a barrel, while West Texas Intermediate crude CLc1 climbed $2.45 to settle at $70.53. In post-settlement trading, where volumes are small, Brent extended gains to $76.61 a barrel, while U.S. crude rose to $70.76 a barrel.
MIDEAST STOCKS-Real estate and construction weigh on Dubai; Saudi slips | Reuters
MIDEAST STOCKS-Real estate and construction weigh on Dubai; Saudi slips | Reuters:
Real estate and construction companies weighed on the Dubai market on Tuesday as Drake & Scull mined new multi-year lows and Saudi stocks also slipped. DSI shares fell ten percent for a second day running to close at 0.81 dirhams ($0.22) per share, its lowest for at least five years. Retail investors have been offloading the stock amid concerns about its business outlook, while investors have also been worried about the outcome of an ongoing investigation into its former management team. Emaar Properties, the largest stock on the index, fell 1.2 percent, while Damac Properties fell 2.2 percent and Union Properties was down 4.3 percent.
Real estate and construction companies weighed on the Dubai market on Tuesday as Drake & Scull mined new multi-year lows and Saudi stocks also slipped. DSI shares fell ten percent for a second day running to close at 0.81 dirhams ($0.22) per share, its lowest for at least five years. Retail investors have been offloading the stock amid concerns about its business outlook, while investors have also been worried about the outcome of an ongoing investigation into its former management team. Emaar Properties, the largest stock on the index, fell 1.2 percent, while Damac Properties fell 2.2 percent and Union Properties was down 4.3 percent.
All eyes on oil supply after Opec deal to boost output | Financial Times
All eyes on oil supply after Opec deal to boost output | Financial Times:
The prospect of an extra 1m barrels per day of oil hitting the market would normally be considered uniformly bearish for prices.
But part of the Saudi-led decision to raise production stems from the risk of less global supplies later this year.
Venezuela’s economic and political crisis has already cut the Opec member’s output by 700,000 b/d in the past 12 months, taking producer curbs well over their initial targets and helping to propel prices above $80 a barrel last month.
The prospect of an extra 1m barrels per day of oil hitting the market would normally be considered uniformly bearish for prices.
But part of the Saudi-led decision to raise production stems from the risk of less global supplies later this year.
Venezuela’s economic and political crisis has already cut the Opec member’s output by 700,000 b/d in the past 12 months, taking producer curbs well over their initial targets and helping to propel prices above $80 a barrel last month.
Huge Saudi Generator Considering an IPO 'Sooner Rather than Later' - Bloomberg
Huge Saudi Generator Considering an IPO 'Sooner Rather than Later' - Bloomberg:
Saudi Arabia’s largest independent power plant developer is considering an initial public offering “sooner rather than later” to help feed its growing need for cash, according to the company’s chief executive officer. Paddy Padmanathan estimated ACWA Power International needs about $800 million a year in cash to help fund its goals for developing $6 billion to $8 billion a year of electricity generation plants. Additional funds could come from partners taking equity stakes in projects, from additional debt and a revolving credit line ACWA has. He declined to put a date on when the IPO might go forward. ACWA sold $814 million of bonds last year and sees an IPO as a way to “add a new currency” to its efforts to finance the business. The move would also increase the transparency of the closely-held company, which is based in Riyadh, and has some 37 operating power plants across eight nations.
Saudi Arabia’s largest independent power plant developer is considering an initial public offering “sooner rather than later” to help feed its growing need for cash, according to the company’s chief executive officer. Paddy Padmanathan estimated ACWA Power International needs about $800 million a year in cash to help fund its goals for developing $6 billion to $8 billion a year of electricity generation plants. Additional funds could come from partners taking equity stakes in projects, from additional debt and a revolving credit line ACWA has. He declined to put a date on when the IPO might go forward. ACWA sold $814 million of bonds last year and sees an IPO as a way to “add a new currency” to its efforts to finance the business. The move would also increase the transparency of the closely-held company, which is based in Riyadh, and has some 37 operating power plants across eight nations.
Mideast stocks update: Drake & Scull again weighs on Dubai index, Saudi slips | ZAWYA MENA Edition
Mideast stocks update: Drake & Scull again weighs on Dubai index, Saudi slips | ZAWYA MENA Edition:
Dubai contractor Drake & Scull slumped again in early trading on Tuesday, dragging the wider index down, while a retreat among some Saudi blue-chips pulled the kingdom's index down. Drake & Scull shares slid 10 percent to 0.81 dirhams ($0.22) as retail sellers shed the stock amid concerns about its business outlook. Investors are also worried about the outcome of an ongoing investigation into its former management team. Dubai Investments was another stock down, losing 1.6 percent. Air Arabia was trading 0.6 percent up. The stock has been under pressure in recent sessions as investors remained anxious about its exposure to private equity firm Abraaj, which this month filed for provisional liquidation.
Dubai contractor Drake & Scull slumped again in early trading on Tuesday, dragging the wider index down, while a retreat among some Saudi blue-chips pulled the kingdom's index down. Drake & Scull shares slid 10 percent to 0.81 dirhams ($0.22) as retail sellers shed the stock amid concerns about its business outlook. Investors are also worried about the outcome of an ongoing investigation into its former management team. Dubai Investments was another stock down, losing 1.6 percent. Air Arabia was trading 0.6 percent up. The stock has been under pressure in recent sessions as investors remained anxious about its exposure to private equity firm Abraaj, which this month filed for provisional liquidation.
Malaysia's 1MDB audits from 2010 to 2012 did not give 'true and fair' assessment, KPMG says | Reuters
Malaysia's 1MDB audits from 2010 to 2012 did not give 'true and fair' assessment, KPMG says | Reuters:
Auditors KPMG have notified Malaysia’s scandal-hit state fund 1Malaysia Development Berhad (1MDB) [TERRN.UL] that its audits for three years do not provide a “true and fair” assessment of the company, the fund said on Tuesday.
1MDB, which faces money-laundering probes in at least six countries, including the United States, was founded by former prime minister Najib Razak, who suffered a stunning election defeat by Prime Minister Mahathir Mohamad last month.
In reopening an investigation into the 1MDB case, Mahathir has vowed to bring back billions of dollars allegedly siphoned out of the fund and punish those responsible.
Auditors KPMG have notified Malaysia’s scandal-hit state fund 1Malaysia Development Berhad (1MDB) [TERRN.UL] that its audits for three years do not provide a “true and fair” assessment of the company, the fund said on Tuesday.
1MDB, which faces money-laundering probes in at least six countries, including the United States, was founded by former prime minister Najib Razak, who suffered a stunning election defeat by Prime Minister Mahathir Mohamad last month.
In reopening an investigation into the 1MDB case, Mahathir has vowed to bring back billions of dollars allegedly siphoned out of the fund and punish those responsible.
Abraaj founder faces criminal complaint over loan | Financial Times
Abraaj founder faces criminal complaint over loan | Financial Times:
A public prosecutor in the United Arab Emirates has accepted a criminal complaint against Abraaj’s Arif Naqvi for issuing a cheque without sufficient funds in a further blow to the founder of the embattled private equity firm. Mr Naqvi could face a custodial sentence in the UAE if he does not settle the debt. A judge in Sharjah is scheduled on Thursday to rule on whether Mr Naqvi, who is in the UK but a Dubai resident, and his colleague Muhammad Rafique Lakhani issued the cheque without the necessary funds, according to a prosecution clerk and copies of court documents. The value of the claim is Dh177m ($48.2m), the clerk said. The hearing is a further twist in the unravelling of Abraaj, the Dubai-based emerging markets specialist that says it has returned $6.5bn to investors over 16 years, but has been reeling for months over investor complaints that it mishandled their funds.
A public prosecutor in the United Arab Emirates has accepted a criminal complaint against Abraaj’s Arif Naqvi for issuing a cheque without sufficient funds in a further blow to the founder of the embattled private equity firm. Mr Naqvi could face a custodial sentence in the UAE if he does not settle the debt. A judge in Sharjah is scheduled on Thursday to rule on whether Mr Naqvi, who is in the UK but a Dubai resident, and his colleague Muhammad Rafique Lakhani issued the cheque without the necessary funds, according to a prosecution clerk and copies of court documents. The value of the claim is Dh177m ($48.2m), the clerk said. The hearing is a further twist in the unravelling of Abraaj, the Dubai-based emerging markets specialist that says it has returned $6.5bn to investors over 16 years, but has been reeling for months over investor complaints that it mishandled their funds.
Adnoc and Aramco to partner on $44bn Indian refinery - The National
Adnoc and Aramco to partner on $44bn Indian refinery - The National:
State-owned Abu Dhabi National Oil Company (Adnoc) and Saudi Aramco signed an agreement to jointly invest in a $44 billion refinery on the west coast of India, the companies said on Monday.
Aramco, which in April signed an agreement to jointly develop the 1.2 million barrel per day Ratnagiri refining and chemicals complex in the western Indian state of Maharashtra with a group of Indian refiners, will share its stake with Adnoc, making it the first such agreement between the two energy companies.
"By investing in this project, we will both secure off-take of our crude to a key market for Adnoc, as well as strengthen access in one of the world’s largest and fastest growing refining and petrochemical markets," said Sultan Ahmed Al Jaber, UAE State Minister and Adnoc Group chief executive.
State-owned Abu Dhabi National Oil Company (Adnoc) and Saudi Aramco signed an agreement to jointly invest in a $44 billion refinery on the west coast of India, the companies said on Monday.
Aramco, which in April signed an agreement to jointly develop the 1.2 million barrel per day Ratnagiri refining and chemicals complex in the western Indian state of Maharashtra with a group of Indian refiners, will share its stake with Adnoc, making it the first such agreement between the two energy companies.
"By investing in this project, we will both secure off-take of our crude to a key market for Adnoc, as well as strengthen access in one of the world’s largest and fastest growing refining and petrochemical markets," said Sultan Ahmed Al Jaber, UAE State Minister and Adnoc Group chief executive.
Fitch Ratings upgrades QIB’s rating to stable - The Peninsula Qatar
Fitch Ratings upgrades QIB’s rating to stable - The Peninsula Qatar:
Fitch Ratings has upgraded Qatar Islamic Bank’s (QIB), Qatar’s leading Islamic Bank, outlook to ‘stable’. The action follows the revision of the Qatari sovereign’s Outlook to Stable from Negative and affirmation of the country’s Long-Term IDR at ‘AA-’ and reflects Fitch’s view that Qatar has successfully managed the fallout from last year’s rupture of trade, financial and diplomatic relations. Public sector liquidity injections have stabilised the banking sector and stemmed the outflow of non-domestic funding. The fiscal deficit has narrowed sharply and we expect it to turn into a surplus in 2019. The economy has reconfigured its supply chains and continues to grow at a robust pace, the ratings agency noted.
Fitch Ratings has upgraded Qatar Islamic Bank’s (QIB), Qatar’s leading Islamic Bank, outlook to ‘stable’. The action follows the revision of the Qatari sovereign’s Outlook to Stable from Negative and affirmation of the country’s Long-Term IDR at ‘AA-’ and reflects Fitch’s view that Qatar has successfully managed the fallout from last year’s rupture of trade, financial and diplomatic relations. Public sector liquidity injections have stabilised the banking sector and stemmed the outflow of non-domestic funding. The fiscal deficit has narrowed sharply and we expect it to turn into a surplus in 2019. The economy has reconfigured its supply chains and continues to grow at a robust pace, the ratings agency noted.
Subscribe to:
Posts (Atom)